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FIFA Footballs uses a periodic inventory system and the average cost retail method to estimate...

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Accounting

FIFA Footballs uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold. The following data is available from the company records for the month of September 30,20x2:
Cost Retail
Beginning inventory $ 100,000 $ 138,000
Net purchases 319,000540,000
Net markups 29,000
Net markdowns 43,000
Net sales 560,000
FIFA's average cost-to-retail percentage is:FIFA Footballs uses a periodic inventory system and the average cost retail method to estimate ending inventory
and cost of goods sold. The following data is available from the company records for the month of September 30,
20\times 2:
FIFA's average cost-to-retail percentage is:
Multiple Choice
63.0%
64.8%.
69.5%
60.2%
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